The Minority Caucus in Parliament has accused the Bank of Ghana (BoG) of concealing the full extent of its 2025 financial losses.
It said the actual loss incurred by the BoG last year was GH¢ 44 billion, not GH¢ 15.6 billion.
It said the true operating loss of the BoG was actually GH¢ 34.9 billion, adding that the GH¢ 9.6 billion proceeds from the gold sales, the recalculated loss was GH¢ 44 billion.
Briefing
The Ranking Member on Parliament’s Committee on Economy and Development, Kojo Oppong Nkrumah, said at a press conference on the BoG 2025 Audited Financial Statements in Accra last Sunday, in response to the press conference held by the majority in Parliament last Thursday.
He said the attempt to cover up the bank’s true operating loss was most troubling.
“The government and its spin doctors, led by the National Democratic Congress party officials who did the press conference, are trying to convince the people of Ghana that the loss is GH¢ 15.6 billion. We regret to tell the people of Ghana that this is not true,” he stated.
He said the emerging policy directions under the government’s “reset agenda” could undermine the long-term stability of the central bank if not carefully managed, adding that some recent policy decisions appear to be influenced by political considerations which risked weakening the BoG’s core mandate of maintaining monetary stability and supporting economic resilience.
Combination
The BoG, he said, had employed a combination of artificial revenue recognition on one hand and clever accounting standards on the other hand in their attempt to cover up the loss.
“The proof of this can be found on Page 16 of the accounts, where they reported the consolidated income of the bank.
On that page, the bank admits that, in addition to the GH¢ 15.6 billion headline figure they reported, they have incurred an additional loss of GH¢ 19.3 billion in other comprehensive income. GH¢ 15.6 +
GH¢ 19.3 = GH¢ 34.9 (approximately GH¢ 35 billion).
And if you add back the sold gold, it is GH¢ 44 billion loss,” he emphasised.
“The bank made an underlying loss of approximately GH¢ 44 billion in 2025.
They sold huge tonnes of monetary gold.
They used the GH¢ 9.57 billion accounting gain from that sale to bring the headline number down to GH¢ 35 billion.
Then they moved GH¢ 19.3 billion of that into other comprehensive income by changing the accounting policy from IFRS to the BoG internal accounting Policy and reported GH¢ 15.6 billion as the headline loss”.
Further evidence, Mr Oppong Nkrumah said, could be found on Page 17, where the bank reports its consolidated statements of financial position, where the net equity position had changed from GH¢ 58 billion to GH¢93 billion, a difference of about GH¢ 35 billion.
He said the attempt to mislead the public was an insult to the intelligence of Ghanaians and the persons responsible for it must bow their heads in shame.
Mr Oppong Nkrumah said the previous management of the BoG introduced a dynamic Cash Reserve Ratio framework, explicitly linked to commercial banks’ loan-to-deposit ratios and that banks that lent generously to the productive economy held lower reserves.
He said banks that parked funds in risk-free instruments rather than lending held higher levels of unremunerated reserves, adding that the framework served two purposes at once: it sterilised excess liquidity at low cost to the Bank of Ghana and it pushed commercial banks toward private-sector lending.
“In 2025, the new management prematurely abolished the dynamic Cash Reserve Ratio.
The bank reverted to the most expensive sterilisation tool available — issuing bills and paying high interest on them,” he said.
